Samvel Karapetyan wins legal battle against Armenian government over ENA nationalization

Imprisoned businessman and philanthropist Samvel Karapetyan and his family have won an emergency arbitration case against the Government of Armenia concerning the attempted nationalization of the Electric Networks of Armenia (ENA).

The case was initiated at the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) under the 1995 bilateral investment treaty between Armenia and Cyprus. Armenia was represented during the proceedings, Samvel Karapetyan's Defense Council reported.

On July 22, the emergency arbitrator ordered the Armenian government to halt the enforcement of recent amendments to the country’s energy and regulatory laws related to ENA. The arbitrator also barred Armenia from taking further steps toward the seizure of the company.

The tribunal found that Armenia’s actions raised serious concerns about compliance with the Armenia–Cyprus investment protection agreement. It emphasized that without urgent protective measures, the Karapetyans risk irreparable harm, including the potential loss of control or ownership of ENA, for which future compensation would be insufficient.

The emergency arbitration ruling is binding and must be enforced by the Armenian government.